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Prudential Bancorp in Philadelphia has agreed to buy Polonia Bancorp in Huntingdon Valley, Pa. The $538 million-asset Prudential said in a press release Thursday that it will pay $38.1 million in cash and stock for the $312 million-asset Polonia. The deal is expected to close in the fourth quarter. Prudential said it expects "modest" tangible book value dilution that it should earn back in a year. MORE
Deposits Fraud Community banking Credit quality Commercial lending PennsylvaniaThe bank is trying to recover millions of dollars in returned deposits. It also has a $14 million loan to the company that allegedly conducted the scheme. MORE
The Pittsburgh company also sold a portfolio of indirect auto loans and repaid a large amount of Federal Home Loan Bank borrowings. Revenue and expenses Branch network Auto lending MORE
At least three community banks have hired lenders who once worked at banks bought by BB&T. The question is whether those lenders can coax their clients to also make a switch. recruitment m-a dealmaking-strategy pa consolidation small-business commercial-lending community-banking MORE
Compliance Mortgages Credit unions Pennsylvania Law and regulationThe CrossState Credit Union Association continues to work with lawmakers in neighboring New Jersey to get similar legislation passed there. MORE
Citizens Savings Bank offers its Kasasa Cash checking account and Kasasa Saver savings account in eight Northeastern Pennsylvania counties MORE
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NexTier Bank in Butler, Pa., has tapped its chief operating officer as its next leader. people breaking_news pa succession-planning community-banking MORE
The $1.2 billion-asset NexTier said in a press release Wednesday that it will pay $2.3 million, or $531.55 a share, in cash for the $40 million-asset Manor. breaking_news community-banking pa dealmaking-strategy MORE
Community banking Succession planning Growth strategies PennsylvaniaPatrick O'Brien had been CF Financial's president and CEO for about two years. MORE
Community banking M&A Growth strategies PennsylvaniaThe company, which recently bought Monument Bank, has agreed to acquire Covenant Financial. MORE
Atlantic Community Bankers Bank must improve its anti-money- laundering and Bank Secrecy Act policies and procedures. AML Community banking Regulatory actions and programs MORE
The student loan company had said a three-year-old lawsuit alleging consumer abuses was superseded by a similar CFPB suit. Here’s why the 3rd U.S. Circuit Court of Appeals disagreed. Student loans State regulators Enforcement Consumer banking CFPB MORE
Fans of gambling in Pennsylvania will have access to a new stand-alone gambling app with FanDuel Group ‘s newest product, according to a press release. The new incarnation of the Casino app is stand-alone and only available in Pennsylvania thus far, and the release says it will be “secure, legal and fully regulated.” Jesse Chemtob , general manager of Casino with FanDuel Group, said the company is excited to introduce the new expansion in Pennsylvania. “We’ve MORE
Pennsylvania has one of the most active Attorney General offices when it comes to bringing cases against financial companies. This is due to the office’s Consumer Financial Protection Unit, which was formed by Attorney General Josh Shapiro in 2017 because of the expectation that the CFPB would become less potent in protecting consumers. The Unit is led by Nicholas Smyth, a former CFPB enforcement lawyer. MORE
The digital bank would merge with Megalith Financial to create a new publicly traded company that would offer licensed products and services. Digital banking Fintech Community banking M&A MORE
The company joins a growing list of community banks paring back their networks. Branch network Revenue and expenses Community banking MORE
The Pennsylvania bank incurred $2.3 Revenue and expenses Community banking Wealth management Pennsylvaniamillion in expenses in second quarter after winding down unit BMT Investment Advisers. MORE
Growth strategies Succession planning Community banks PennsylvaniaThe company said Todd Brice will retire in March. A search firm will consider internal and external candidates. MORE
Community banking M&A Capital Growth strategies PennsylvaniaThe company will gain branches in Northampton County as part of the $79 million deal. MORE
As part of an investigation launched earlier this year into allegations of redlining in the Philadelphia area, the Pennsylvania Attorney General Josh Shapiro recently called on mortgage borrowers and home loan applicants in the Philadelphia area to file complaints with his office “if they believe they may have been victims of redlining or experienced irregularities when looking for a mortgage or home loan.”. MORE
In this week’s episode, Pennsylvania Secretary of Banking and Securities Robin Wiessmann discusses lessons learned from the 2009 financial crisis and concerns arising from today’s market conditions and regulatory environment, shares her views on the OCC’s fintech charter and provides an update on steps that States are taking to relieve regulatory burdens on fintech companies, and explains her agency’s approach to virtual currency. MORE
ISO and agent B-to-B payments Payment processing Compliance reviews PennsylvaniaIt is important that all parties involved in construction projects not only be aware of these regulation updates and how they will impact their projects, but also what they can do to prepare for when the legislation inevitably reaches them, writes Matt Johner, president and co-founder of BankLabs. MORE
C-suite Credit unions Succession planning Hiring PennsylvaniaThe Mechanicsburg, Pa.-based based institution's newest chief executive most recently served as an executive at another Harrisburg-area credit union. MORE
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Retailers Compliance Digital payments Cash New Jersey PennsylvaniaThe pushback on stores that don’t accept cash seems to be gaining momentum, with Philadelphia the latest municipality to consider a law that would ban cash-free shops. MORE
The company will close eight locations, noting that customers have been quick to adopt digital channels during the coronavirus pandemic. Branch network Revenue and expenses Community banking MORE
The $62.7 million merger of Linkbancorp and Gratz Bank would create a company with over $800 million of assets and nine branches stretching from Harrisburg to the Philadelphia suburbs. C-suite M&A Community banks MORE
Glenn Moyer, the former Secretary of the Pennsylvania Department of Banking and Securities (pictured), spoke at a banking industry event this past week. His subject: How to love your regulator. Glenn is a senior advisor to my firm and I suggested the topic. He rolled with it. Regulator relations is a pressure point in our industry. MORE
At a time when the IRS is trying to find out the identities behind bitcoin users, the Pennsylvania Allegheny County District Attorney’s office revealed it had to use bitcoin to pay a ransom to get its data back. The Forbes report noted that the data attack on the District Attorney’s office in Pennsylvania could be payback for the IRS’ actions. MORE
A court decision brings much needed clarity to the complex world of money transmitter licensing by holding that the transmission of information alone is not engaging in the business of money transmission under Pennsylvania law, writes Anita Boomstein, a partner with Manatt, Phelps & Phillips, LLP. ISO and agent Digital payments Compliance Law and regulation Pennsylvania MORE
Last year, the Pennsylvania Credit Union Association and the New Jersey Credit Union League merged to form the CrossState Credit Union Association, and now the foundations of the two groups are combining. Non-profits New Jersey Philanthropy Pennsylvania MORE
The moves are intended to offset a protracted period of historically low interest rates and expectations of higher credit costs in 2021. Revenue and expenses Branch network Community banking MORE
Mid Penn, First Priority Financial to merge in $82 million deal Management CSuite Community Banking M&A. 1Management MORE
The company said it had cut 20 positions and had found a way to shed 35,000 square feet of office space by the end of 2020. Expense management Paycheck Protection Program Community banks MORE
The CFPB has issued its September 2016 complaint report which highlights complaints about money transfers and complaints from consumers in Pennsylvania and the Philadelphia metro area. Findings regarding complaints from Pennsylvania consumers include the following: As of September 1, 2016, approximately 34,700 complaints were submitted by Pennsylvania consumers of which approximately 69 percent (about 24,100) were from Philadelphia consumers. Barbara S. Mishkin. MORE
The mutual bank has agreed to pay $158 million for Standard AVB Financial, which has 17 branches in Pennsylvania. Community banking M&A Growth strategies Pennsylvania MORE
The company will close branches and cut jobs, with plans to reinvest some of the savings into digital enhancements. Digital banking Earnings Revenue and expenses Branch network MORE
Pennsylvania Related Topics American Banker
OCTOBER 30, 2020
Compliance Mortgages Credit unions Pennsylvania Law and regulationThe CrossState Credit Union Association continues to work with lawmakers in neighboring New Jersey to get similar legislation passed there.
PYMNTS
JUNE 24, 2020
Fans of gambling in Pennsylvania will have access to a new stand-alone gambling app with FanDuel Group ‘s newest product, according to a press release. The new incarnation of the Casino app is stand-alone and only available in Pennsylvania thus far, and the release says it will be “secure, legal and fully regulated.” Jesse Chemtob , general manager of Casino with FanDuel Group, said the company is excited to introduce the new expansion in Pennsylvania. “We’ve
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Payments Source
JUNE 27, 2019
A court decision brings much needed clarity to the complex world of money transmitter licensing by holding that the transmission of information alone is not engaging in the business of money transmission under Pennsylvania law, writes Anita Boomstein, a partner with Manatt, Phelps & Phillips, LLP. ISO and agent Digital payments Compliance Law and regulation Pennsylvania
BankDeals
JANUARY 9, 2021
Citizens Savings Bank offers its Kasasa Cash checking account and Kasasa Saver savings account in eight Northeastern Pennsylvania counties
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Payments Source
OCTOBER 29, 2018
ISO and agent B-to-B payments Payment processing Compliance reviews PennsylvaniaIt is important that all parties involved in construction projects not only be aware of these regulation updates and how they will impact their projects, but also what they can do to prepare for when the legislation inevitably reaches them, writes Matt Johner, president and co-founder of BankLabs.
American Banker
OCTOBER 2, 2020
Growth strategies Succession planning Community banks PennsylvaniaThe company said Todd Brice will retire in March. A search firm will consider internal and external candidates.
American Banker
DECEMBER 10, 2020
The Pittsburgh company also sold a portfolio of indirect auto loans and repaid a large amount of Federal Home Loan Bank borrowings. Revenue and expenses Branch network Auto lending
American Banker
JANUARY 9, 2020
Community banking Succession planning Growth strategies PennsylvaniaPatrick O'Brien had been CF Financial's president and CEO for about two years.
American Banker
DECEMBER 18, 2019
Community banking M&A Growth strategies PennsylvaniaThe company, which recently bought Monument Bank, has agreed to acquire Covenant Financial.
American Banker
DECEMBER 10, 2019
Community banking M&A Capital Growth strategies PennsylvaniaThe company will gain branches in Northampton County as part of the $79 million deal.
American Banker
MAY 26, 2020
Deposits Fraud Community banking Credit quality Commercial lending PennsylvaniaThe bank is trying to recover millions of dollars in returned deposits. It also has a $14 million loan to the company that allegedly conducted the scheme.
American Banker
AUGUST 6, 2020
The digital bank would merge with Megalith Financial to create a new publicly traded company that would offer licensed products and services. Digital banking Fintech Community banking M&A
American Banker
JULY 27, 2020
The student loan company had said a three-year-old lawsuit alleging consumer abuses was superseded by a similar CFPB suit. Here’s why the 3rd U.S. Circuit Court of Appeals disagreed. Student loans State regulators Enforcement Consumer banking CFPB
American Banker
OCTOBER 1, 2020
The company joins a growing list of community banks paring back their networks. Branch network Revenue and expenses Community banking
American Banker
OCTOBER 22, 2020
The company will close branches and cut jobs, with plans to reinvest some of the savings into digital enhancements. Digital banking Earnings Revenue and expenses Branch network
CFPB Monitor
DECEMBER 20, 2018
In this week’s episode, Pennsylvania Secretary of Banking and Securities Robin Wiessmann discusses lessons learned from the 2009 financial crisis and concerns arising from today’s market conditions and regulatory environment, shares her views on the OCC’s fintech charter and provides an update on steps that States are taking to relieve regulatory burdens on fintech companies, and explains her agency’s approach to virtual currency.
ABA Community Banking
JANUARY 24, 2018
Mid Penn, First Priority Financial to merge in $82 million deal Management CSuite Community Banking M&A. 1Management
American Banker
OCTOBER 19, 2020
The company will close eight locations, noting that customers have been quick to adopt digital channels during the coronavirus pandemic. Branch network Revenue and expenses Community banking
American Banker
OCTOBER 1, 2020
Atlantic Community Bankers Bank must improve its anti-money- laundering and Bank Secrecy Act policies and procedures. AML Community banking Regulatory actions and programs
American Banker
SEPTEMBER 24, 2020
The moves are intended to offset a protracted period of historically low interest rates and expectations of higher credit costs in 2021. Revenue and expenses Branch network Community banking
CFPB Monitor
OCTOBER 31, 2018
As part of an investigation launched earlier this year into allegations of redlining in the Philadelphia area, the Pennsylvania Attorney General Josh Shapiro recently called on mortgage borrowers and home loan applicants in the Philadelphia area to file complaints with his office “if they believe they may have been victims of redlining or experienced irregularities when looking for a mortgage or home loan.”.
American Banker
JUNE 29, 2020
The company said it had cut 20 positions and had found a way to shed 35,000 square feet of office space by the end of 2020. Expense management Paycheck Protection Program Community banks
American Banker
DECEMBER 14, 2020
The $62.7 million merger of Linkbancorp and Gratz Bank would create a company with over $800 million of assets and nine branches stretching from Harrisburg to the Philadelphia suburbs. C-suite M&A Community banks
American Banker
JANUARY 4, 2021
C-suite Credit unions Succession planning Hiring PennsylvaniaThe Mechanicsburg, Pa.-based based institution's newest chief executive most recently served as an executive at another Harrisburg-area credit union.
American Banker
AUGUST 8, 2016
NexTier Bank in Butler, Pa., has tapped its chief operating officer as its next leader. people breaking_news pa succession-planning community-banking
CFPB Monitor
SEPTEMBER 28, 2016
The CFPB has issued its September 2016 complaint report which highlights complaints about money transfers and complaints from consumers in Pennsylvania and the Philadelphia metro area. Findings regarding complaints from Pennsylvania consumers include the following: As of September 1, 2016, approximately 34,700 complaints were submitted by Pennsylvania consumers of which approximately 69 percent (about 24,100) were from Philadelphia consumers. Barbara S. Mishkin.
American Banker
DECEMBER 29, 2020
Last year, the Pennsylvania Credit Union Association and the New Jersey Credit Union League merged to form the CrossState Credit Union Association, and now the foundations of the two groups are combining. Non-profits New Jersey Philanthropy Pennsylvania
American Banker
SEPTEMBER 25, 2020
The mutual bank has agreed to pay $158 million for Standard AVB Financial, which has 17 branches in Pennsylvania. Community banking M&A Growth strategies Pennsylvania
Jeff For Banks
OCTOBER 3, 2015
Glenn Moyer, the former Secretary of the Pennsylvania Department of Banking and Securities (pictured), spoke at a banking industry event this past week. His subject: How to love your regulator. Glenn is a senior advisor to my firm and I suggested the topic. He rolled with it. Regulator relations is a pressure point in our industry.
American Banker
DECEMBER 7, 2016
The $1.2 billion-asset NexTier said in a press release Wednesday that it will pay $2.3 million, or $531.55 a share, in cash for the $40 million-asset Manor. breaking_news community-banking pa dealmaking-strategy
CFPB Monitor
AUGUST 21, 2019
Pennsylvania has one of the most active Attorney General offices when it comes to bringing cases against financial companies. This is due to the office’s Consumer Financial Protection Unit, which was formed by Attorney General Josh Shapiro in 2017 because of the expectation that the CFPB would become less potent in protecting consumers. The Unit is led by Nicholas Smyth, a former CFPB enforcement lawyer.
Payments Source
FEBRUARY 5, 2019
Retailers Compliance Digital payments Cash New Jersey PennsylvaniaThe pushback on stores that don’t accept cash seems to be gaining momentum, with Philadelphia the latest municipality to consider a law that would ban cash-free shops.
American Banker
JULY 20, 2020
The Pennsylvania bank incurred $2.3 Revenue and expenses Community banking Wealth management Pennsylvaniamillion in expenses in second quarter after winding down unit BMT Investment Advisers.
American Banker
JUNE 2, 2016
Prudential Bancorp in Philadelphia has agreed to buy Polonia Bancorp in Huntingdon Valley, Pa. The $538 million-asset Prudential said in a press release Thursday that it will pay $38.1 million in cash and stock for the $312 million-asset Polonia. The deal is expected to close in the fourth quarter. Prudential said it expects "modest" tangible book value dilution that it should earn back in a year.
American Banker
MAY 31, 2016
At least three community banks have hired lenders who once worked at banks bought by BB&T. The question is whether those lenders can coax their clients to also make a switch. recruitment m-a dealmaking-strategy pa consolidation small-business commercial-lending community-banking
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